The bill revises procurement reporting requirements by mandating the Department of Administration to provide regular reports to the Legislative Finance Committee regarding procurement solicitations, contracts, and contract modifications. These reports are to be submitted quarterly on March 1, June 1, September 1, and December 1, and must include detailed information about contracts anticipated to cost at least $200,000 over their lifetime. The bill also specifies that governmental bodies must submit relevant procurement information to the department on a set schedule.

Additionally, the bill introduces new effective dates and a termination date for certain provisions. Specifically, the act will take effect on July 1, 2025, while the reporting requirements outlined in Section 2 will become effective on July 1, 2026. Furthermore, Section 1 of the bill is set to terminate on June 30, 2026. The revisions include a change in the threshold for reporting from $250,000 to $200,000 for various contract types and the removal of a requirement regarding the appropriation portion intended for vendor payment.